Claims under the VAT Compensation Scheme for eligible Value-Added Tax (VAT) paid during 2020 should be made by Wednesday 30 June. You should familiarise yourself with the scheme and the qualifying criteria before submitting a claim. The Value Added Tax (VAT) Compensation Scheme aims to reduce the VAT burden on charities and to partially compensate for VAT paid by the charity. The scheme applies to VAT paid on expenditure on or after 1 January 2018. VAT paid in years prior to that cannot be claimed. Charities can submit one claim per year, which should relate to VAT paid in the previous year only. Claims can only be submitted between 1 January and 30 June each year. Claims made under this scheme are not dealt with on a first come, first served basis. The fund for the scheme will be capped at €5 million annually. This scheme will be reviewed after three years. Charities are entitled to claim a refund of a proportion of their eligible VAT costs, based on their level of non-public funding. The total amount of claims in each year may exceed the capped amount. If this happens, any refunds due will be paid to charities on a pro-rata basis. Read more on Revenue.ie Sylwia Wills is one of our Audit Team members who has extensive expertise in the charity sector. Contact Sylwia by phone or email if you would like assistance in making a claim. +353 42 933 9955 sylwiawills@fdw.ie #Tax2021 #CharityampNonForProfit #BusinessinIreland #2021 #GrantScheme #TAX

Please be advised that on 29 April 2021, the Government announced an increased level of support for businesses reopening following an easing of public health restrictions. Please be advised that on 29 April 2021, the Government announced an increased level of support for businesses reopening following an easing of public health restrictions. Restart Week: Businesses who qualified for CRSS and who, from 29 April 2021, become eligible to claim a “restart week” payment, can claim double “restart week” payments for a period of two weeks to assist them with the additional costs of reopening. The amount that may be claimed in respect of each “restart week” is subject to the maximum weekly amount payable under the scheme of €5,000. To qualify for the restart week, the following conditions apply: The relevant business must have been subject to restrictions, which required the business to either temporarily close or to significantly reduce its activities, such that the business was eligible to claim an ACTE, for a continuous period of not less than three weeks; The relevant business activity must be recommenced within a reasonable period of the lifting of the restrictions. What is a reasonable period of time will depend on the particular facts and circumstances, but the claim for the restart week should only be made when the business either is about to recommence its activities, or has recommenced those activities. A qualifying business that reopens from 29 April 2021 and which becomes eligible to claim double restart week payments from 29 April or in May or June 2021, should make the claim in the same manner as claiming the normal restart week, with the facility for making a claim being available from 12 May. Our Tax Team can assist you in making your claim. Contact our UHY FDW Care Team and they will arrange a free consultation with our experts. +353 42 933 9955 susanmcgeough@fdw.ie #2021 #BusinessinIreland #Covid #GrantScheme

The Charity Excellence Awards aim to highlight and reward excellence within the charity sector. The categories reflect the full spectrum of those who work within the sector in charities big and small, from trustees to fundraisers, members of the finance team to your corporate partners. The year’s online campaign celebrates the extraordinary achievements of the Irish charity sector through the pandemic. To enter go to the Charities Institute Ireland website and complete the form for the catergory you wish to enter. Discover more about our expertise in the charity sector. +353 42 933 9955 sylwiakrzysztofik@fdw.ie #2021 #CharityampNonForProfit #Events #HR

In these extraordinary times, people have turned their thoughts to their requirements concerning estate planning and making or revising their Wills and ensuring plans are made to pass on wealth to the next generation. Date: June 10, 2021 Time: 10am – 11am Location: Zoom Cost: FREE Book: Online or contact Brenda in Dundalk Chamber to book your free place on +353 42 933 6343 or at brenda@dundalk.ie UHY Farrelly Dawe White are a solutions-focused, Director Led, full service practice and are proud to provide an attentive and personal service to all of our clients; from the large corporates to the individual owner-managed or family-run businesses. We have over 30 years of experience when to comes to assisting our clients with wealth protection and estate planning assistance. We strive to give our valued clients peace of mind when it comes to passing on wealth the next generations and make it a seamless process. Like many of our clients at UHY FDW it would be understandable if you are also concerned about the effect that the Coronavirus pandemic is having on your day to day life. Covid-19 has created a truly unprecedented situation which affects us all. It has prompted us all to consider how we can best provide for those who are here or who will come in the future. In these extraordinary times, people have turned their thoughts to their requirements concerning estate planning and making or revising their Wills and ensuring plans are made to pass on wealth to the next generation. Estate planning is so much more than just creating a will, it is a well thought out and deliberate process. The overall objective is to eliminate uncertainties and financial hardship for you, your family and beneficiaries. It is never too early to begin estate planning and we will always advise our clients to begin the process early and review their assets and affairs regularly, particularly in light of annual tax law changes. There are several lucrative tax reliefs available for both you and your beneficiaries and these should be maximised with forward planning. Brexit has impacted some of these reliefs and it is important that older estate planning advices be reviewed in light of same. While it may appear to be a daunting task, UHY FDW can guide you and your family through the full process and are here to help at every stage. Book your place on our webinar today or contact our experts to discuss any tax matters you wish to . +353 42 933 9955 nialldonnelly@fdw.ie #2021 #Events #TAX

Minister of State for Business, Employment and Retail, Damien English today, 4 May 2021, launched a new round of the Covid-19 Online Retail Scheme. Under this call €5 million will be made available to help Irish businesses to upgrade their websites and improve their competitiveness in online retail. The Scheme will be administered by Enterprise Ireland and is targeted at Irish-based retailers with a physical store and a pre-existing online presence. The grant can be used to fund fees for service providers to develop and implement a digital strategy supported by in-house training, and to enhance the retailer’s website and related systems. The latest round of the Covid-19 Online Retail Scheme is open to applications from today, 4 May 2021 . Successful applicants will be awarded funding to support a maximum of 80% of the project eligible costs with a maximum grant of €40,000. Outlining the importance of the Scheme, the Minister said, “Over the last year, survival for many Irish retailers has been dependent on having an online presence. It continues to be a top priority for retailers to evolve these channels and take advantage of the new and existing local, national and international opportunities that exist through selling online. As Minister, I am determined to support the ambition to expand beyond the physical shop and this Scheme offers retailers the vital financial support to do just that. It is important for the future of retail here that in-store shopping is complemented by an improved online offering so that innovative local businesses can secure a greater share of the overall online retail spend by Irish consumers.” Typical elements involved in developing a sophisticated and transactional online presence include research, consultancy costs for strategy development, implementation and training. For retailers starting out on the digital journey Enterprise Ireland have put together this Starter Guide outlining the broad range of considerations to be addressed. Find out more from Enterprise Ireland Our Advisory Team can assist you in making an application for this scheme. Contact our UHY FDW Care Team and they will arrange a free consultation with our experts. +353 42 933 9955 susanmcgeough@fdw.ie #2020 #BusinessinIreland #Covid #GrantScheme

Revenue commenced the reconciliation process for the Temporary Wage Subsidy Scheme (TWSS) and issued reconciliation statements to relevant employers in mid-March 2021. These statements were issued directly to employers’ Revenue Online Service (ROS) inbox instead of by post. The TWSS was in place from March 2020 to August 2020 and was designed to encourage employers impacted by COVID-19  to keep their employees on the payroll. You will only receive a TWSS reconciliation statement if you availed of the TWSS from March to August 2020. These reconciliation statements compare the subsidies Revenue paid to employers against the amounts Revenue calculate the employer was entitled to receive. At the beginning of the subsidy period, in March, April and May 2020, Revenue had to act quickly to pay subsidies out and their software could not be updated as urgently as they required. They therefore paid the maximum subsidy for each employee as a straightforward payment, even though that level of subsidy was not due.  This was a decision taken by Revenue to facilitate payments as fast as possible to all relevant taxpayers, and Revenue were very clear then – and throughout the operation of the TWSS – that the excess of the maximum subsidy paid over the amount due would have to be paid back to them. Employers must now compare the reconciliation statement against their payroll records to determine whether the amounts demanded by Revenue are correct. Employers will have until 30th June 2021 to: Accept the reconciliation calculation issued by Revenue, Make corrections to employees’ payslips if necessary, or Query any discrepancies with Revenue through MyEnquiries Once an employer accepts the reconciliation calculation a Statement of Account will be sent to their ROS inbox. Employers must then pay any additional amount owed to Revenue or they will be refunded any additional amount owed by Revenue to them. Please note that on 1st July 2021, Revenue will deem the reconciliation statement to be due and payable, and it will not be possible to raise any queries with Revenue on the amounts demanded.  It is therefore very important that you fully check the reconciliation and raise your queries well in advance of 30th June 2021. Any amounts due back to Revenue of €500 or less will be deemed to be balanced by Revenue and are not payable to them. Debt Warehousing or Phased Payment Arrangements may be available to assist with payment of any amounts due to Revenue. The payroll team in UHY Farrelly Dawe White are available to assist employers with reviewing the reconciliation or resolving any queries arising.  If you require further information please email payroll@fdw.ie Contact a member of our team today. +353 42 933 9955 info@fdw.ie Jane Jackson janejackson@fdw.ie #2020 #BusinessinIreland #GrantScheme #Payroll

View our Doing Business in Ireland guide which has all the information you will need covering when it comes to the ins and outs of doing business in Ireland. Download the business guide  Contact our  Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #2021 #BusinessGuide #BusinessinIreland

The March 2021 edition of Business Plus magazine is now available to read on your mobile device or desktop. The month’s issue features our very own Alan Farrelly, Managing Director and founding partner of UHY FDW. In this issue Alan provided an insight into a number of topics such as how practices are coping with remote working and business supports in these COVID times. “The issue is clients having the mental resilience to bounce back” Click here to read this edition of the Business plus magazine.  #2021 #BusinessAdvisory #Covid #UHYFDWTeam

Applications opened on March 11th for the SBASC aimed at businesses ineligible for CRSS and other sector specific grants. Businesses down 75% or more in turnover are among those expected to benefit. The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD opened applications for the €60m Small Business Assistance Scheme for Covid (SBASC). Eligible businesses will receive a payment of €4,000 for Quarter 1 of 2021. There will be a second payment of €4,000 for businesses continuing to meet the criteria. The scheme is available to companies, self-employed, sole traders or partnerships which employ fewer than 250 people and have a minimum turnover of €50,000 and maximum turnover of €25m. The turnover of the business over the claim period is estimated to be no more than 25% of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1 January to 31 March 2021, and 30 June 2021 where applicable, for businesses that commenced after 1 November 2019. This scheme is in addition to other packages the government has put in place such as the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the Covid Restrictions Support Scheme (CRSS), low-cost loans, the deferral and warehousing of tax liabilities and the waiver of commercial rates. The Tánaiste Leo Varadkar TD said: “As the pandemic goes on, more and more businesses are struggling to keep up with payroll and fixed costs.  My objective is to ensure that as many businesses as possible get through this period and are able to re-open successfully.” The Small Business Assistance Scheme for COVID (SBASC) was previously announced as COVID-19 Business Aid Scheme (CBAS). Applications should be made to your Local Authority for the scheme and the closing date is the 21st of April. To be eligible your business must meet a number of requirements. Contact our Care Team today to arrange a call with our Business Advisory team to discuss your options. To find more abut this scheme and the requirements click here. Source: enterprise.gov.ie #2021 #BusinessinIreland #Covid #GrantScheme

The Charities SORP is a Statement of Recommended Practice which sets out how charities should prepare their annual accounts and report on their finances. The Charities Statement of Recommended Practice (the SORP) provides guidance to charities on how to apply the financial reporting standards which apply in Ireland and the UK. The SORP is not a legal requirement in Ireland but many Irish charities have voluntarily adopted it in order to follow best practice in relation to financial transparency. The SORP encourages all charities to consider voluntary adoption of the framework. SORP has a massive role to play in a charity as it assists them in providing financial information about their activities and resources to bring greater public transparency and regulatory accountability to the work of the charity sector Based on an analysis of all of the financial statements filed by Irish non-profits since 2015, it was discovered that just 12% of Ireland’s incorporated charities currently file financial statements using Charities SORP on a voluntary basis. At UHY FDW we have worked with many charities to assist in seamlessly implementing the SORP framework. It is not currently a legal requirement but it will be in the near future and we advise it is best practice to implement it. We can help your charity implement the SORP framework seamlessly. Contact our charity specialists to discuss how we can assist you. Contact: martinagribben@fdw.ie for more info #2021 #BusinessinIreland #CharityampNonForProfit #UKNI

View our Tax Book 2021 which has all the taxation information you will need covering topics such as Income Tax Rates, COVID-19 Supports, Retirements & Pensions, VAT and much more reflecting all changes announced in Budget 2021. Download the UHY FDW Tax Book Request a printed copy of our Tax Book 2021 – email nicolamernagh@fdw.ie Download Contact our Tax Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2021 #BusinessGuide #TAX #Tax2021

On Wednesday 3rd March 2021, Chancellor of the Exchequer Rishi Sunak announced a Budget which ‘meets the moment’, setting out a £65 billion three-part plan to provide support for jobs and businesses. Setting out the government’s tax and spending plans for the year ahead, he announced new measures to help business and jobs through the pandemic and to support the UK’s long-term economic recovery and a series of tax-raising plans to help rebalance the public finances. Here is a summary of the main points. The UK government have set out extensions to the furlough scheme, business rates relief, the £20 uplift to weekly Universal Credit payments and the stamp duty holiday there will however be a great increase on taxes Corporation tax Corporation tax will rise from 19 per cent to 25 per cent in April 2023 for all businesses with profits over £50,000. Smaller companies with profits under £50,000 will still be able to benefit from the  19 per cent tax rate. In total, only 10 per cent of companies are expected to have to pay the higher tax rate The UK will still have the lowest rate in the G7 according to Sunak. Income tax  The thresholds on income tax will be frozen until 2026 This is expected to cost the people of Britain £8 Billion Jobs The Furlough scheme is going to The government will continue paying 80 per cent of employees’ wages, up to £2,500 to be extended to September Employers will then be asked to pay 10 per cent of wages paid out through the scheme The self employment scheme will also be extended to September Business support Business rate reliefs There will be Business rates relief for the retail and hospitality sectors and others who have been greatly affected, the scheme has  been extended for three months until June. For the remaining nine months of the year, business rates will be discounted by two-thirds. Grant scheme The government  unveiled a new £5bn Restart Grants Scheme, that will give companies grants of up to £18,000 to help boost them at this time of need. Recovery loans The Recovery Loans Scheme will offer loans from £25,000 to £10m up to the end of the year VAT The VAT cut to five per cent for the hospitality, accommodation and attractions sectors will be extended until the end of September. The rate will then be 12.5 per cent for a further six months For more information on this matter click here  where you will find a full summary of the 2021 uk budget  #Covid #Budget #2021 #GrantScheme #TAX